Cost of Living in Santa Fe Springs, CA

An Overview of Cost of Living in Santa Fe Springs, CA

Getting a feel for the cost of living in Santa Fe Springs is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Santa Fe Springs is 148, which is 48% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you value affordability in your search for a new place to live, Santa Fe Springs may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Santa Fe Springs falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Santa Fe Springs, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 122.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Santa Fe Springs, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Santa Fe Springs does not fare better, with grocery expenses coming in at 12.2% higher than the national average.

Is Santa Fe Springs Affordable?

Is Santa Fe Springs an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Santa Fe Springs, the median home price is 150.4% higher than what most folks pay across the country, and monthly rent prices are 58.6% higher than the usual rates. Income levels in Santa Fe Springs come in at $69,922, which is 26.4% higher than the national average.

What Factors can Influence the Cost of Living in Santa Fe Springs?

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Santa Fe Springs, the baseline sales tax rate begins at 7.25%, and income tax rates start at 1%.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Santa Fe Springs, is 122.8% higher than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Santa Fe Springs, the transportation index is 24.3% higher than the national average.

Where is the Data From?

The Santa Fe Springs cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.